Nagpur City Ring Road Package I

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The Nagpur City Ring Road Package I project includes four laning of the Outer Ring Road from village Jamtha to village Fetri for Nagpur City with a total length 33.50 km. The project includes widening and construction of cement concrete pavement. It also consists one new railway over bridge and two new large bridges on river Vena and three flyovers. The Nagpur Ring road will be developed in two phases - Nagpur City Ring Road Package I and Package II. The latter will also be developed by MEP Infrastructure Developers Ltd. and its length will be 28.05 km starting at Fetri Village and ending at Village Kapsi. MEP IDL, in a joint venture with Sanjose India Infrastructure & Construction Pvt. Ltd, has signed a concession agreement for the Four Lane Outer Ring Road for Nagpur City Package I and II in March 2016 with National Highways Authority of India. The SPV created for the execution of the first package is MEP Nagpur Ring Road 1 Pvt Ltd. The concession was awarded after a bidding process. Nagpur City Ring Road Package I is a brownfield project, developed under the Build, Rehabilitate, Operate and Transfer basis. This project is under the new Hybrid Annuity model, which is a mix of engineering, procurement and construction (EPC) and build operate transfer (BOT) system. The Authority and the concessionaire share the total project cost in the ratio of 40: 60, respectively The concession agreement is signed for a duration of 15 years during which the NHAI will repay the 60% stake to the developer (in installments, plus interest thereon). The project cost (Package I) is estimated at 531 crore (approximately $79.5 million). The project reached financial close in mid October by tying up funds amounting to 238.95 crore (approximately $35.7 million). The project is funded by IDBI Bank and IIFCL. http://globalprimenews.com/2017/01/19/mep-idl-receives-appointed-date-for-its-four-lane-outer-ring-road-project-in-nagpur-city-package-ii/ http://www.mepinfra.com/_assets/PressReleases/MEP-IDL-lays-the-foundation-stone-for-Nagpur-City-Press-Release-17.10.pdf